Don’t waste your money
A new
research report entitled “The Top 20 Non-Invasive Blood Glucose Monitoring
Companies Worldwide” is available from Research Facts a company based in
Dublin, Ireland. According to the company “There are many blood glucose
monitoring device companies worldwide. This report profiles the leading non-invasive ones. These are the
companies with the experience,
now-how and resources that enable them to develop, manufacture and market innovative products
that can compete effectively in global markets. “
While
Diabetic Investor would take issue with
some of the statements made by the company as we don’t believe any of these companies
have the now-how or resources to successfully develop, manufacture or market
their so-called products. We do believe these companies are very innovative at separating
investors from their hard earned money.
This infatuation
with a non-invasive glucose monitor has been around for many years and like the
cat with nine lives it just won’t go away. The theory has always been that if
patients could measure their glucose levels without pricking their fingers that
magically patients would begin monitoring their levels on a regular basis.
It doesn’t
seem to matter much that no one has successfully developed a non-invasive
system that actually works, let alone market such a device. But this fact hasn’t
stopped non-invasive companies in their continuing quest to bleed investors
with false promises. Like the hucksters of the old west who sold nothing but snake
oil, non-invasive companies play fast and loose with the facts always holding
out the prospect that with just a few more dollars they will soon have a
breakthrough product that will revolutionize glucose monitor. That once on the market they will reap
millions, possibly billions of dollars as it would make no sense for anyone to
use a conventional finger stick monitor ever again.
Let’s take a
major and we mean major leap of faith and believe for the moment that someone
will actually develop a non-invasive monitor that actually works. (This is
truly a MAJOR leap of faith.) Would this product actually do anything to
increase testing frequency and more importantly lead to better overall
outcomes? The answer that no non-invasive company is willing to acknowledge is
the answer is no.
For years
conventional glucose monitoring companies have tried everything they can think
of to make monitoring glucose patient friendly. Smaller monitors, no-coding and
alternate site testing are just a few examples of this. They have spent
millions of dollars on fancy ad campaigns and giving away free monitors. Up
until recently they employed armies of sales people calling on physicians and
diabetes educators extolling the virtues of why their particular monitor is the
best.
And what do
these companies have to show for their efforts and millions spent? Absolutely
nothing. Average testing frequency remains below two tests per day and if you eliminate
insulin pump patients this number would fall below once a day. Prices for test
strips are falling and companies are scrambling to cut costs.
The fact is
and always will be that the reason patients do not test has nothing at all to
do with the so-called pain factor. The fact is until patients understand what
the test results mean and value the information provided by the test they will
not test. It makes no difference if they need to prick their fingers or not.
Non-invasive
companies are using the same fear tactic used by inhaled insulin companies who believed
that the reason more patients did not use insulin was because they were afraid of
injections. Never mind that it is far less painful to administer insulin than
monitor glucose levels or that dosing insulin requires greater patient
education. Like their non-invasive brothers inhaled insulin companies used
commonly held misconceptions to advance their cause.
Diabetic
Investor can understand why so many investors were duped by these false
promises as it seems logical that patients would prefer not to prick their
fingers or inject themselves. And it is true when you ask patients what they
would prefer non-invasive and non-injectables always come out on top. That is
until patients actually try and use these devices and find there more trouble
and far more difficult than what they currently use. The Exubera disaster is a
perfect example of this.
Still it
amazes Diabetic Investor that anyone would continue to invest in these
companies. This goes beyond stupidity. One just might think with the millions lost on previous efforts added
with the fact that we are no closer today than where we were ten years ago
would make even the dumbest investor pause before pulling out their checkbook.
In some respects Diabetic Investor can’t blame these companies for trying as
there never seems to be a shortage of investors willing to believe the fantasy.
They see a worldwide diabetes epidemic and dreams of riches blinds them so much
that reality is thrown out the window.
What’s even
more astonishing is even if the companies are successful, a HUGE if, it’s
unlikely their product would do anything to change market dynamics or deal with
the real reasons the majority of patients don’t monitor their glucose levels on
a regular basis.
Like we said
before it’s far easier to believe the fantasy then to accept reality. Or as
Gustave Le Bon said; “Many men easily do without truth but none is strong
enough to do without illusions.”
